The Union government on 31 January 2012 revised the economic growth rate for 2010-2011 financial year to 8.4 percent in comparison to the previous estimate of 8.5 percent. The Indian economy grew 8.4% in 2010-11, lower than the previous estimate of 8.5%, on the back of strong farm sector and services sector growth. The Indian economy, Asia’s third-largest slowed in recent quarters due to the impact of the global slowdown, high inflation and high interest rates. Policymakers estimated growth in 2011-12 to be close to 7%.
8.4% expansion in the gross domestic product (GDP) during 2010-11 was achieved due to high growth in transport, storage and communication (14.7%), financing, insurance, real estate and business services (10.4%), trade, hotels and restaurants (9%) and construction (8%).
At constant prices, the primary sector- agriculture, forestry and fishing, showed a high growth of 7% during 2010-11 as against 1% during the year 2009-10. The growth rate of secondary sector stood at 7.2% and that of the service sector is 9.3% during 2010-11.
Gross Domestic Product (GDP)
Gross Domestic Product (GDP) at factor cost at constant (2004-05) prices in 2010-11 was estimated at Rs. 4885954 crore as against Rs. 4507637 crore in 2009-10 registering a growth of 8.4 per cent during the year which is same as in the year 2009-10.
At current prices, GDP in 2010-11 was estimated at Rs. 7157412 crore as against Rs. 6091485 crore in 2009-10, showing an increase of 17.5 per cent during the year.
Gross National Income
The Gross National Income registered a growth of 7.9 per cent in 2010-11 over 2009-10. India's per capita income grew by 15.6 per cent to Rs.53331 in 2010-11, crossing the Rs.50000-mark for the first time.
In real terms based on 2004-05 prices, the per capita income grew by a slower 6.4 per cent to Rs.35993 in 2010-11 as compared to Rs.33843 in 2009-10.
Private Final Consumption Expenditure (PFCE)
The per capita Private Final Consumption Expenditure (PFCE) in the domestic market in 2010-11 was estimated to be Rs. 36760 at current prices and Rs. 26,029 at constant (2004-05) prices as against Rs. 31812 and Rs. 24379 respectively in 2009-10.
Gross domestic savings
The gross domestic savings at current prices in 2010-11 was estimated at Rs.24.81 lakh crore which constituted 32.3 per cent of the country's GDP at market prices. Gross domestic saving of India that has over 1.2 billion population, increased by 32.3 per cent to Rs.2481931 crore in 2010-11 as compared to Rs.2182970 crore in 2009-10.
The savings rate in 2010-11 declined from 2009-10. The decline was attributed to decrease in the rates of financial savings of household sector from 12.9 per cent to 10 per cent and the private corporate sector from 8.2 per cent to 7.9 per cent.
However, the rate of savings of the public sector increased to 1.7 per cent in 2010-11 as compared to 0.2 per cent in the previous year.
Gross domestic capital formation
The gross domestic capital formation, an indicator of increase in physical assets, rose to Rs.292031 crore in 2010-11 at current prices as compared to Rs.2363670 crore in 2009-10.
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